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CU System
Largest CUs banks surveyed on ID fraud prevention
PLEASANTON, Calif. (12/1/09)--The nation’s largest credit unions and banks have recently been ranked on 50 fraud prevention, detection and resolution capabilities. The 2009 Banking Identity Safety Scorecard, issued by Javelin Strategy and Research, ranks how well financial institutions team up with members or customers to avoid criminals that commit identity theft. Navy FCU, Vienna, Va., was one of several institutions to earn perfect scores in 11 identity fraud resolution criteria (Wireless News Nov. 21). The report also noted that most financial institutions:
* Scored about 27 percentage points higher than last year; * Curtailed the use of Social Security numbers for routine authentication; * Use third-party security vendors for online safety, such as McAfee and Symantec; * Offer zero-liability protection and next-day replacement of lost or stolen debit cards; and * Have strengthened education, with all the top financial institutions offering anti-phishing e-mail education online.
The scorecard uses online research and mystery shopping to score credit unions and banks. The security measures are based on consumer behavioral research, new technology and review of changing crime patterns. Identity fraud cost victims about $496 out-of-pocket and 30 hours’ worth of personal resolution hours in 2008, Javelin said.
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